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Investors - MAY 16, 2022

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CalSTRS contributes €150m to final closing of Harrison Street European Property Partners III

by Kali Persall

The California State Teachers' Retirement System (CalSTRS) contributed €150 million ($156 million) to the final closing of Harrison Street European Property Partners III, which took place in February.

The fund raised more than €800 million ($832 million) of equity, including co-investment vehicles, from more than 25 institutional investors around the globe.

At the time of closing, Fund III was invested in a life-sciences portfolio of more than 2 million square feet, making Harrison Street one of the largest private real estate owners of life sciences assets in the United Kingdom. The fund is also invested in build-to-rent and student-accommodation assets in the United Kingdom, Ireland and Spain.

As of March 31, CalSTRS had a 14.24 percent allocation to real estate — representing $46 billion — against a target of 14 percent.

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